Private Bond Restructurings: Lessons for the Case of Sovereign Debtors

February 1, 1996

Preview Citation

Format: Chicago

Marco A. Piñón-Farah Private Bond Restructurings: Lessons for the Case of Sovereign Debtors, (USA: International Monetary Fund, 1996) accessed November 24, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

This paper reviews recent experience with both sovereign and private bond restructurings. It also summarizes the literature on private bond restructurings and describes the “typical” process for a voluntary exchange of new bonds for existing obligations. From this information some conclusions are drawn as to the possibility of concluding voluntary restructuring agreements for sovereign bonds within relatively short periods of time.

Subject: Asset and liability management, Bonds, Common stocks, Corporate bonds, Debt restructuring, Financial institutions, Sovereign bonds

Keywords: Adverse selection, Bond, Bond exchange offers, Bond issue, Bondholder, Bondholder committee, Bonds, Common stocks, Company, Corporate bonds, Debt, Debt restructuring, Exchange offer, Fixed interest rate, Holdout bondholder, Market value, Seaman furniture Co, Sovereign bonds, Targeted bondholders class, WP

Publication Details

Pages:

16
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 1996/011
Stock No:

WPIEA0111996
ISBN:

9781451926064
ISSN:

1018-5941

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